Greg Fowler’s FPA Multifamily has acquired The Fairfield Apartments, a 263-home community located in Stamford, CT from Gary Broxmeyer’s Fairfield Properties for $84 million, REW first reported.
Dig Deeper: Asking rents for the community’s one-bedroom units (599 SF) range between $1,757 – $1,976, while two-bedroom units (1,058 SF) range from $2,571 – $2,724. Built in 1996, the property features a clubroom, caterer’s kitchen, three private courtyards, a pool, a sundeck, grilling areas, and full fitness center.
Flashback: The San Francisco-based buyer announced it had raised $970 million for a new apartment fund targeted at top tier markets across the country last summer. The fund exceeded its original target of $750 million.
Brokers: A CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, and Travis Langer facilitated the deal.
Heard on the Street: CBRE’s Gene Pride: “This is FPA’s first purchase in Connecticut and we are anxious to see how they renovate the community. The property has great bones and with new finishes, the community should perform very well going forward.” [REW+IREI+CoStar]